Fujifilm says to slash 10000 jobs at Fuji Xerox subsidiary

Posted - February 01 201800:42

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Fujifilm says to slash 10000 jobs at Fuji Xerox subsidiary

Fujifilm hopes the new joint venture will offer "new value to customers" and will be able to strengthen its position in the document solutions space, office document product business, as well as commercial printing.

According to Xerox, the combined company is expected to deliver at least $1.7 billion in total annual cost savings by 2022 - with most of it by 2020.

Xerox Corp (NYSE:XRX) shares jumped almost 5 percent in the after-hours trading session on Tuesday following reports that Japan-based Fujifilm Holdings Corp.is about to make an agreement to buy more than 50 percent shares of Xerox. The combined company will be named Fuji Xerox and trade on the NYSE under the ticker XRX.

Fujifilm will own 50.1% of Xerox shares. Plans were for the arrangement to be finished around July-August, they included. Fuji Xerox is even known as a rare success story for a cross-border joint venture.

The two organizations have battled with moderate offers of photocopy items, as organizations progressively go paperless.

Xerox reported a fourth-quarter loss of $190m compared with a $843m loss for the same period of 2016.

US retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in India's leading homegrown e-commerce firm Flipkart, the Economic Times newspapersaid.

Komori will be chairman of the new company's 12-member board of directors.

Reuters is reporting that, as a result of combining Xerox with legacy Fuji Xerox, Fujifilm is planning to cut 10,000 jobs at the Asia Pacific-focused joint venture entity amid a "tough market environment".

Languid execution at Xerox had incited financial specialists to approach the U.S. organization, which had possessed 25 percent of the joint wander, to investigate vital alternatives. The news came days afterWall Street Journal disclosed that activist Xerox stakeholders Carl Icahn and Darwin Deason were urging Xerox to explore a sale.

Xerox's CEO said the consolidated organization would pick up an expanded edge in new advances, alongside higher incomes and cost cooperative energies, while Xerox investors would likewise profit by a $2.5 billion unique money profit coming about because of the arrangement.

Fujifilm believes there will be no impact on earnings in FY 2017 and a "mid-to-long term" positive impact on earnings once the transaction has closed.

The D&C adds New Fuji Xerox will use the Xerox brand in most nations and the Fuji Xerox brand in Asia and Australia.

Fujifilm shares closed 8.32% down in Toyko Wednesday, at ¥4,190.

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